Pfizer Takeover of AstraZeneca ‘Challenging,’ Soriot Tells Times
2014-12-20 09:55:54.911 GMT
By Alex Morales
(Bloomberg) -- Financial case for Pfizer’s potential bid
“more challenging” now than 6 months ago because of U.S.
changes to “tax inversion” laws, AstraZeneca CEO Pascal Soriot
says in interview w/ Times.
* Under old rules, U.S. co. could change tax domicile if
merger partner held 20% of co.; U.S. changing that to 40%,
Times says
* Soriot: “To achieve that is very challenging -- the price
to pay for AstraZeneca would have to be very high”
* Soriot says $45b revenue “achievable” by 2023; requires
AstraZeneca to be “smart, fast and lucky”
* NOTE: 6-month cooling off period after Pfizer’s failed bid
ended Nov. 26, meaning co. can bid again
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Alex Morales in Lima at +44-20-7330-7718 or
amorales2@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or
landberg@bloomberg.net
2014-12-20 09:55:54.911 GMT
By Alex Morales
(Bloomberg) -- Financial case for Pfizer’s potential bid
“more challenging” now than 6 months ago because of U.S.
changes to “tax inversion” laws, AstraZeneca CEO Pascal Soriot
says in interview w/ Times.
* Under old rules, U.S. co. could change tax domicile if
merger partner held 20% of co.; U.S. changing that to 40%,
Times says
* Soriot: “To achieve that is very challenging -- the price
to pay for AstraZeneca would have to be very high”
* Soriot says $45b revenue “achievable” by 2023; requires
AstraZeneca to be “smart, fast and lucky”
* NOTE: 6-month cooling off period after Pfizer’s failed bid
ended Nov. 26, meaning co. can bid again
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Alex Morales in Lima at +44-20-7330-7718 or
amorales2@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at +44-20-7330-7862 or
landberg@bloomberg.net